Smart Elevator Market Size, Share, Growth Analysis 2032
Smart Elevator Market Size and Forecast (2025 - 2032), By Component (Control Systems, Maintenance Systems, Communication Systems), By Application (Residential, Commercial, Institutional, Automated Vehicle Storage and Retrieval System), By Service (New Installation, Modernization, Maintenance), By Technology (Destination Dispatching, Biometrics, Touchscreen & Keypad, Other Technologies), By End-User (Hotels, Retail, Healthcare, Residential, Others), and Geography.
Market Overview:
The global Smart Elevator market is expected to reach a high CAGR of 9.2% over the Forecast Period 2025-2032, reaching USD YY billion by 2032. Asia-Pacific is predicted to dominate the market, accounting for around 40% of the total share. Key indicators include increased urbanisation, rising demand for energy-efficient building solutions, and rising investment in smart city projects.
The Smart Elevator market is expanding rapidly, owing to the demand for efficient vertical transportation systems in high-rise structures. IoT, AI, and machine learning technological breakthroughs, together with an increased focus on building automation and energy saving, are driving market growth. Smart lifts' adaptability in a variety of applications, from business complexes to residential buildings, attracts a wide range of end customers and drives market growth.
Smart Elevator Market Dynamics:
Market Trend: Integration of touchless and IoT-enabled technologies drives smart elevator adoption
The Smart Elevator market is experiencing an increase in demand as touchless and IoT-enabled technologies become more widely integrated. As the globe adjusts to post-pandemic realities and prioritises sanitation and safety, there is an increased demand for contactless lift operations. Smart lifts with speech recognition, gesture control, and mobile app interfaces are gaining popularity in business and residential buildings.
Recent industry advances have emphasised this trend. In 2023, leading lift manufacturers reported a 30% rise in orders for smart lifts with touchless capabilities. For example, Otis Worldwide Corporation launched a new series of smart lifts with gesture-controlled interfaces and air purification systems, which has seen significant adoption in commercial office buildings. According to industry forecasts, the global IoT in lifts market will expand by 22% in 2023, with smart lifts accounting for a significant share of the development.
Market Driver: Rapid urbanization and increasing construction of high-rise buildings accelerates smart elevator market growth
The rising pace of urbanisation, as well as the increased development of high-rise structures, are important drivers of the Smart Elevator industry. As cities expand vertically to accommodate growing populations, there is a greater need for efficient and innovative vertical transportation networks. Smart elevators, with its potential to optimise traffic flow, reduce wait times, and improve energy efficiency, are becoming more important components of modern skyscrapers and multi-story structures.
Recent data support this trend. The United Nations predicts that 68% of the world's population will live in cities by 2050, up from 55% in 2023. This urbanisation trend is fuelling the construction of high-rise buildings, especially in emerging economies. In 2023, China alone erected 56 skyscrapers taller than 200 meters, with smart lifts being a crucial feature in the majority of these constructions. According to industry forecasts, the global high-rise building construction market will grow by 15% in 2023, with smart lifts specified in more than 70% of new projects.
Market Restraint: High initial costs and complexities in retrofitting existing elevators hinder widespread adoption
Despite increased interest in Smart Elevators, the high initial costs and challenges of retrofitting existing elevators are significant barriers to industry expansion. Implementing smart lift systems necessitates significant expenditures in modern control systems, sensors, and communication technologies, which can be a challenge for building owners and developers, particularly in smaller projects. Furthermore, the complexity of upgrading traditional lifts to smart systems in older buildings can cause operational disruptions and higher renovation expenses.
Segment Overview:
The Commercial segment dominates the Smart Elevator market, accounting for over YY% of the market share in 2023.
The business sector is dominating the Smart Elevator market due to increased development of office buildings, retail malls and hotels, as well as a growing emphasis on energy efficiency and user experience in commercial areas. This segment's supremacy is due to smart lifts' capacity to optimise passenger flow, reduce wait times, and improve building security, all of which are critical factors in high-traffic commercial contexts.
The Commercial section of the Smart Lift market has seen recent advances such as improved predictive maintenance systems and AI-powered traffic management solutions. For example, in 2023, a top smart lift vendor introduced a cloud-based predictive maintenance technology for commercial buildings, which resulted in a 30% reduction in lift downtime and increased operating efficiency. This innovation has set a new standard for the industry, leading other manufacturers to create comparable smart maintenance solutions.
The Commercial segment's expansion is further aided by ongoing R&D initiatives to improve smart lift technologies for upcoming applications. For example, some top lift firms have reported successes in integrating smart lifts with building management systems, allowing for seamless coordination of lifts, HVAC systems, and security platforms in commercial complexes. These advancements are projected to increase the adoption of smart lifts in the business sector, cementing its position as the market leader.
Regional Outlook:
Asia-Pacific leads the Smart Elevator market, with a market share of approximately 40% in 2023.
Asia-Pacific's dominance in the Smart Elevator market is due to growing urbanisation, massive infrastructure development, and strong government initiatives to promote smart city projects. The region's leadership is based on considerable investments in high-rise building, particularly in China, India, and Southeast Asian countries.
Recent innovations in the Asia-Pacific Smart Elevator market have included the incorporation of modern technologies such as artificial intelligence and machine learning in elevator systems. In 2023, several top lift manufacturers in Japan and South Korea announced the release of AI-powered smart lifts that can learn passenger behaviours and optimise travel patterns in real time. These inventions aim to increase lift efficiency and reduce energy consumption in the region's densely populated urban areas.
Smart city projects in Asia-Pacific have emerged as a major driver of smart lift implementation. Countries such as Singapore, South Korea, and China are aggressively investing in smart building technologies, with smart lifts playing an important role in their urban development schemes. For example, Singapore's Smart Nation program has resulted in a 25% rise in smart elevator installations in public housing and commercial buildings by 2023.
Key figures show the region's market strength. According to industry forecasts, Asia-Pacific will account for more than 60% of global new lift installations in 2023, with smart lifts taking an increasing share of this output. Furthermore, the region's building industry, a significant driver of smart lift demand, increased by 6.5% in 2023, surpassing global growth rates and fuelling need for innovative vertical transportation systems.
Competitive Intelligence:
The Smart Elevator market is characterised by fierce competition between established elevator manufacturers and technology companies. To obtain a competitive advantage, key firms are investing in technical advances, strategic collaborations, and geographic growth. Market leaders are investing extensively in R&D to improve smart lift systems, improve user experience, and lower energy use.
Otis Worldwide Corporation has emerged as a world leader in smart lifts, offering a wide range of products, including the Gen2 series, which incorporates IoT connectivity and predictive maintenance capabilities. The company's smart lift business has grown significantly, owing to strong demand from the commercial and residential sectors in Asia and North America. KONE Corporation is leveraging its substantial lift manufacturing experience to broaden its smart lift products, with an emphasis on eco-efficiency and people flow intelligence.
Other major participants include Schindler Group, which is significantly investing in IoT and AI technologies to expand its smart lift portfolio, and Thyssenkrupp AG, which is developing multi-directional lift systems for smart buildings. These firms are receiving significant investment and creating strategic alliances to advance technology development and market penetration.
Collaborations between lift firms and technology titans affect the competitive landscape even more. For example, lift manufacturers are increasingly collaborating with cloud service providers and IoT platform developers to improve their smart lift products. This trend is fuelling innovation in fields like as predictive maintenance, remote monitoring, and passenger experience optimisation.
Looking ahead, the Smart Elevator market is likely to become more competitive, with both existing elevator businesses and new entrants from the technology sector. The growing need for smart building solutions, as well as the advent of IoT and AI technologies in the built environment, are projected to drive additional innovation and market expansion. Companies who can demonstrate the dependability, efficiency, and cost-effectiveness of their smart lift systems while solving significant integration and cybersecurity concerns are likely to lead the industry in the coming years.
Analyst Opinion:
The demand for energy-efficient and technologically superior vertical transportation solutions in smart buildings is driving the growth of the Smart Elevator market. Smart lifts are an important component of future urban infrastructure because to their ability to improve passenger experience, optimise building efficiency, and contribute to environmental goals.
The integration of biometric technologies and advanced security features is a unique trend in the Smart Elevator market. This technique enables improved access management, personalised user experiences, and building security. As public health and safety concerns grow, particularly in the aftermath of global health crises, this trend has the potential to create new market possibilities and drive innovation in smart lift security and access control solutions.
Major Players:
-
Otis Worldwide Corporation
-
KONE Corporation
-
Schindler Group
-
Thyssenkrupp AG
-
Hitachi, Ltd.
-
Fujitec Co., Ltd.
-
Mitsubishi Electric Corporation
-
Hyundai Elevator Co., Ltd.
-
Toshiba Elevator and Building Systems Corporation
-
Johnson Controls International plc
Key Developments:
-
September 2024: Otis Worldwide Corporation introduces a new AI-powered smart lift system that use machine learning algorithms to predict passenger traffic patterns and optimise lift operations in real time.
-
July 2024: KONE Corporation collaborated with a top IoT platform supplier to boost its smart lift products by including sophisticated predictive maintenance capabilities and better integration with building management systems.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Otis Worldwide Corporation
5.2. KONE Corporation
5.3. Schindler Group
5.4. Thyssenkrupp AG
5.5. Hitachi, Ltd.
5.6. Fujitec Co., Ltd.
5.7. Mitsubishi Electric Corporation
5.8. Hyundai Elevator Co., Ltd.
5.9. Toshiba Elevator and Building Systems Corporation
5.10. Johnson Controls International plc (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of touchless and IoT-enabled technologies
6.1.2. Adoption of biometric technologies and advanced security features
6.1.3. Increasing integration with building management systems
6.2. Market Drivers
6.2.1. Rapid urbanization and increasing construction of high-rise buildings
6.2.2. Growing demand for energy-efficient building solutions
6.2.3. Advancements in AI and machine learning technologies
6.3. Market Restraints
6.3.1. High initial costs and complexities in retrofitting existing elevators
6.3.2. Cybersecurity concerns in connected elevator systems
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
7.1. Control Systems
7.1.1. Elevator Management System
7.1.2. Access Control System
7.2. Maintenance Systems
7.2.1. Predictive Maintenance
7.2.2. Remote Monitoring
7.3. Communication Systems
7.3.1. Cloud-based Solutions
7.3.2. On-premise Solutions
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
8.1. Residential
8.1.1. High-rise Apartments
8.1.2. Multi-family Housing
8.2. Commercial
8.2.1. Office Buildings
8.2.2. Shopping Malls
8.2.3. Hotels
8.3. Institutional
8.3.1. Hospitals
8.3.2. Educational Institutions
8.4. Automated Vehicle Storage and Retrieval System
9. BY SERVICE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
9.1. New Installation
9.2. Modernization
9.3. Maintenance
10. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
10.1. Destination Dispatching
10.2. Biometrics
10.3. Touchscreen & Keypad
10.4. Other Technologies
10.4.1. Voice Recognition
10.4.2. Gesture Control
11. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
11.1. Hotels
11.2. Retail
11.3. Healthcare
11.4. Residential
11.5. Others
11.5.1. Transportation Hubs
11.5.2. Industrial Facilities
12. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
12.1. North America
12.1.1. United States
12.1.2. Canada
12.1.3. Mexico
12.2. South America
12.2.1. Brazil
12.2.2. Argentina
12.2.3. Rest of South America
12.3. Europe
12.3.1. Germany
12.3.2. United Kingdom
12.3.3. France
12.3.4. Italy
12.3.5. Spain
12.3.6. Russia
12.3.7. Rest of Europe
12.4. Asia-Pacific
12.4.1. China
12.4.2. Japan
12.4.3. India
12.4.4. Australia
12.4.5. South Korea
12.4.6. Rest of Asia-Pacific
12.5. Middle-East
12.5.1. UAE
12.5.2. Saudi Arabia
12.5.3. Turkey
12.5.4. Rest of Middle East
12.6. Africa
12.6.1. South Africa
12.6.2. Egypt
12.6.3. Rest of Africa
*NOTE: All the region mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
By Component:
-
Control Systems
-
Maintenance Systems
-
Communication Systems
By Application:
-
Residential
-
Commercial
-
Institutional
-
Automated Vehicle Storage and Retrieval System
By Service:
-
New Installation
-
Modernization
-
Maintenance
By Technology:
-
Destination Dispatching
-
Biometrics
-
Touchscreen & Keypad
-
Other Technologies
By End-User:
-
Hotels
-
Retail
-
Healthcare
-
Residential
-
Others
By Region:
-
North America
-
Europe
-
Asia-Pacific
-
Latin America
-
Middle East & Africa
Frequently Asked Questions
We at Aurorawave Intellects Market Report gives total market analysis that suit our customer business need and permit decision maker to run organizations without any problem. We have accomplished greatness in giving start to finish market research arrangements. Our detachment of industry specialists accumulate key data and get ready substance that lines up with our customer's business/specialty.
We at aurorawaveintellects.com offer mainly 3 types of licenses:
• Single User: Research Report copy can be distributed to a single user only
• Multi User: Research Report distribution is restricted up to 5 users.
• Corporate License :Research Report can be distributed across the company.
Based on the nature of the topic or research, the formats vary. The different formats of the report are as following:
• Word Document
• PPT
Following modes are available for making the payment:
• Online Payment (Visa Card, Master Card, Stripe)
• Razorpay
• Net Banking
• Bank Wire Transfer
Our customer service and research specialist team are available by phone and by email. Customer service hours are 24X7 Indian Standard Time (IST). You may reach us at:
• Email: info@aurorawaveintellects.com
• United Kingdom: ++91 7382742511